[Ppg] Paint And Coatings Division Pushes Earnings

PPG Industries reported a 20% increase in second-quarter profits mid July/04, in spite of payouts for asbestos settlements and the cost of expensing stock options in 2004. PPG said its net income for the quarter ended 30 June 2004 was US$ 183M (US$152M). An after-tax charge of US$ 6M was allocated to the asbestos settlement. Net sales increased slightly to US$ 2.4BN (US$2.3BN). Sales were led by the firm's paints and coatings, which were up 8% to US$ 1.35BN, a record for the division for any quarter and a US$ 108M increase on the year-ago period.